Thursday, December 6, 2012

Summit County Colorado Real Estate Statistics December 2012


Real Estate Statistics
 
 

Holy October!

Dollar volume up 54% and number of transactions up 43% from 2011.


October was the most positive month that Summit County has seen in quite some time! There were 230 total transactions with $104,706,100 in gross volume. This is the best month with transaction numbers since April 2007 and a better gross volume since September 2008. October showed solid volume from mostly residential sales. There were no HUGE sales that put Summit County in this place that would have skewed the figures this month. September 2012 had a total of 124 residential transactions with dollar volume at $77.6M and October’s residential volume was $93.1M with 190 transactions.  October dollar volume was almost 20% more than September.

 

While dollar volume and number of transactions are increasing, median pricing remains fairly flat.  The Median Single Family YTD indicates a 6% increase ( $619,000 from $583,750 in 2011), The Median Price of Multi- Family YTD shows a 4% increase from 2011 ($317,550 from $305,000 in 2011) and Median residential Vacant Land continues to increase with a 32% increase ($230,250 from $175,000 in 2011).  The price of Breckenridge residential vacant land has really skyrocketed this year.


October really kicked up the numbers for YTD 2012. YTD 2012, gross volume is now up 10% from YTD 2011. Gross monetary volume is up October 2012 by 54% from October 2011.  Number of transactions YTD 2012 vs. YTD 2011 are up by 10%. Number of transactions in October 2012 are up 43% vs. October 2011.

 

October’s strongest price point was the $200,000-$300,000 price range with 41 total sales.  The price point under $200,000 came in with 32 closings, $300,00-$400,000 had 31 closings, $400,000-$500,000 had 23 closings,  $500,000-$600,000 had 15 closings and $600,000-$700,000 had 14 closings. Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through October 2012:


Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $765,769

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $352,392


Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $317,000


As of November 30, 2012, there are 1,111 active residential listings in Summit County, down 66 from October.  The total dollar value of current inventory is $793M.  With the winter rental season upon us, Sellers who didn’t sell are putting their properties into rental pools.  As of the same date there are 383 land listings.


With respect to residential listings, average days on the market is 405; median days on the market is 237 – these numbers continue to creep up as inventory falls and no influx of new inventory comes on the market.


Our MLS is showing 198 residential properties currently Pending with a total dollar volume of $104M.  Pending sales are up slightly from the beginning of this month which should indicate strong November and December numbers.

 

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land.  When looking at inventory for sale, 4.3% of residential properties are for sale and 14.9% of vacant land parcels are for sale.  Industry experts say that a healthy market has less than 10% inventory. 

 

Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market.  With 190 residential properties selling in October and inventory of 1,111, it will take around 5.84 months to sell the entire residential inventory.  This is the first time in YEARS that inventory has been at or around the 6 month mark – another sign of an improving real estate market.

 

Below are the total dollar amounts of sales in October from 2004 to 2012:

October 2004   $117.4M
October 2005   $152.6M
October 2006   $188.7M
October 2007   $146.5M
October 2008   $118.2M
October 2009   $92.7M
October 2010   $79.7M
October 2011   $67.8M
October 2012   $104.7M


Total Dollar Volume for 2004-2011 is as follows:

2004                            $1.12B
2005                            $1.47B
2006                            $1.63B
2007                            $1.63B
2008                            $1.06B
2009                            $683M
2010                            $698.4M
2011                            $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.

 

Foreclosure actions are still dropping with only 26 actions filed in October, compared to 46 last October, a decrease of 43.47%.  Public Trustees deeds are being issued on about 41% of the NED filings on the year to date.  There have been 151 Public Trustees Deeds issued so far in 2012.   Of these, only 62 were for real property, the remaining 89 were for Timeshare units.


If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link: 


 

What does all of this mean to you?  


Buyers:  October numbers have proven that we are out of the bottom.  Price appreciation, while not noticeable yet, is showing signs in some sectors.  Absorption rate is below 6 months for the first time in years.  Vacant land costs have taken a jump and developers are building new product, feeling bullish that when their projects are done, demand will be in place to purchase the new units. As each day passes, you will see that prices will continue to increase and desirable, well priced product will be purchased quickly. 

Sellers:  I will repeat what I said last month:  Certain market segments are moving quickly and others are still stagnant.  If you purchased at the height, don’t expect to recoup your costs anytime soon.  If, however, you have been thinking about selling for some time, there is a chance that your property might be able to bring you a return.  If you can wait it out, improvements are happening and our market is on its way to a recovery.
 
Want more information?  anakos@yourcastle.org; 970-389-8388

 
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